Equipment theft is one of the most lucrative illegal businesses, earning a profit of billions of dollars in the United States. It is almost a global epidemic, victimizing countries which show great developments in equipment industry.
For years, the authorities have fought ways to find solution to decrease, and, if possible, instantly eliminate fraudulence on heavy equipment.
Axis Capital Group, a company selling and renting capital heavy equipment in Singapore had stated that millions of the dollar worth of equipment was once suspected to have been exported from Singapore, transferred to a secluded port in one of the islands of Indonesia and were distributed to Jakarta, Kuala Lumpur and Brunei. Some of those machineries are owned by Axis but were not anymore recovered. The authorities lost track of any activities involving stolen machineries and suspicious plate numbers. Warnings were then sent to neighboring countries while new technologies were being developed to prevent similar situations.
But not only are the private corporations victimized by equipment theft. The government is not immune to the same set of scheme.
In the United States, the state governments were able to incur a number of equipment theft losses since 2001. As per a review in the state of Maine’s records, just last year an excavator valued at over $50,000 was stolen from a state construction site.
Beyond the loss of equipment itself, there are associated, uninsurable costs such as short term rental costs to replace the stolen equipment, project delays, and valuable time spent dealing with police and our office. Theft also drives up the cost of insurance premiums for everyone.
In 2014, a total of 11, 625 heavy equipment theft were reported to law enforcement, a 1.6% increase from what is reported in 2013. Business owners from all over the world are not really sure to be relieved or worried by this news. If the United States, considered the most advanced in the use of protective technological devices, still experience an increase of fraudulent cases, then perhaps, developing cities which do not have the same resources, budget and capability to procure advanced security gadgets are still not safe from theft.
Deterring theft seems to be the only solution to eliminate equipment fraudulence. The only problem is how when most of the security measures do not seem viable enough for protection. Although it is almost impossible to stop a determined thief from stealing a piece of equipment, especially where equipment must be left in an unprotected, remote location overnight, there is much that can be done including being physically active in pinning them down.
Singapore City, Singapore - Axis Capital Group, a construction company based in Singapore, supports public sector projects which are reported to sustain construction demand for the rest of the months of 2015.
Environmental and public sectors are expected to reach between $29 million to $36 million in 2015, given a sustained pipeline in public sector projects. According to the Building and Construction Authority in Singapore, this year, public sector projects are expected to account for an estimated 60% or $18 billion to $21 billion of the total construction demand as reported by Building and Construction Authority (BCA) in Singapore, the country’s regulation board for industrialization and construction.
It has also been recorded that BCA has included requirements on the use of labor-efficient construction methods and building designs.
From the last quarter of 2014, buildings are required to meet the following criteria:
1. Meet higher minimum Buildable Design and Constructability standards.
2. Use prefabricated and standardized components.
3. Adopt high-impact productive technologies for projects under the Government Land Sales (GLS) programme. These include the adoption of Prefabricated Bathroom Units (PBUs) in residential (non-landed) sites, including Executive Condominiums, and the residential (non-landed) component of mixed-use sites sold under the GLS programme.
It is expected that many more business owners are planning to invest in construction of their companies this year.
Singapore, along with its neighboring Asian countries like Jakarta, Indonesia, Kuala Lumpur, Malaysia and Bangkok, Thailand is paving their way towards modern civilization and industrialization. Construction companies like Axis Capital Group have continued to support and help promote these Asian countries towards global competition. These countries now pose as a threat to other developed nation along the coast of the United States and Europe.
Public Sectors aren’t the only ones who have built their reputation in the construction industry this year.
According to analysts, foreign investors in Singapore have grown by over 70% for the last decade. It definitely helped the country’s economy. In the country, productivity on construction projects is currently around 30% lower than in Japan and almost half as efficient as in the United States. These statistics underline that regardless of any changes in labor law or the make-up of the future workforce, there is significant scope to deliver efficiency improvements in the industry’s overall performance levels.
Axis Capital Group will continue to support the country as it reaches industrialization and continued growth. It promises to continue providing quality products and services and assures its loyal patrons that they only sell or rent original equipment, far from the scams and frauds other people claim to minimize complaints.